7 Online Retailers Making Millions Following Amazon's Footsteps
Amazon.com Inc. is the largest North American online retailer and was sitting in the perfect position for sales growth when the pandemic hit U.S. shores in the spring of 2020. Amid public store shut downs and shelter in place orders, Americans looked to e-commerce more than ever before.
According to Digital Commerce 360, their success continues to soar with increased sales by 20 percent in Jan. 2021 and 37 percent in Feb. 2021 compared to 2020 figures.
Retailers scrambled to compete, offering curb-side pickup and free shipping, however, many would agree, Amazon’s business model is one to mentor. In fact, online retailers are looking to Amazon for the best way to develop and grow their businesses and making millions in the process.
7 Coupang
South Korea’s response to Amazon’s success was founded by Bom Kim, a 42-year-old billionaire and is preparing for a U.S. listing with a value of more than $50 billion according to Forbes. Since 2010, Coupang has continued to grow by reducing prices and guaranteeing faster delivery. South Koreans can receive same-day and next-day deliveries of pretty much anything they desire from food to general merchandise. Coupang Eats offers prepared food delivery and Coupang Play follows Amazon with a video streaming availability. Coupang is worth more than $2.5 billion today.
6 Alibaba
China’s largest e-commerce business has had a shaky year with the suspension of Alibaba’s affiliate Ant Group and an antitrust probe initiated. However, the company is still going strong with a 17 percent increase in stock and the control of 56 percent of China’s e-commerce market according to The Motley Fool. The company offers online marketplaces, brick -and-mortar stores and logistics services in addition to streaming media, cloud services, video games and a search engine. The company is worth more than $185 billion in 2021.
5 Walmart
Walmart was already a retail giant before they began competing with the largest in the world. They were working toward mobile scan-and-go shopping, were one of the first to incorporate self-checkout and were ahead of the game with grocery pickup and merchandise pickup conveniences. In the fall of 2020, consumers saw the launch of Walmart Plus, a new subscription service offering unlimited delivery to your door, discounts on gas and more. Walmart reportedly plans to test drones to delivery items to your home and has an edge to Amazon with thousands of retail stores across the country. Walmart’s net worth is $318 billion.
4 Otto
The German online retailer has been known to adapt and innovate over the years and is perhaps one of the longest-running e-commerce companies celebrating 60 years. The trading company offers customers a variety of items such as clothing, electronics, home goods and sport equipment. The company saw 3.8 billion in revenue in 2019 and an increase of more than eight percent in 2020. Additionally, they’ve shown growth in customer base with more than 9.4 million active customers and their attention to furniture and home accessories has paid off in 2020.
3 Rakuten
In Japan, the e-commerce company is generating more than $2.3 trillion per year and is responsible for 10 percent of all e-commerce retail. According to Big Commerce, Rakuten also purchased several global companies such as buy.com to expand to the U.S., Price Minster of France and Play.com of the UK. They have also invested in Ebates and Viber, a cash-back rewards program and software company respectively. The Japanese company has a net worth of nearly $7 billion.
2 Newegg
The global company may give Amazon a run for their money in the electronics department. As electronics is one of Amazon’s top sellers, Newegg has come along and generated $2.7 billion in laptops, television, cameras, phones and computers alone. More than 44 percent of regular Amazon shoppers have purchased electronics through the Newegg platform in recent years.
1 Jumia Technologies
The largest e-commerce company in Africa, dubbed the “Amazon of Africa” began with a 75 percent increase on its first day at the New York Stock Exchange in 2019. Founded in 2012 and operating in 14 African countries, Jumia was called one of the “hottest tech stocks of 2020” according to The Motley Fool. Even as the recession took hold of the globe, Jumia stocks rose 600 percent. The company allows the purchase of general merchandise and groceries but also contains a logistics segment for travel arrangements and a fast-pay feature for bill pay.
With these online e-commerce competitors raking in the vast majority of consumers business across the globe, there are still some companies holding on and even growing throughout 2020 and 2021. Burlington Coat Factory, Five Below, Home Goods and others have announced plans to open dozens of new stores across the county. With a specialty or niche market, many small business owners are thriving in uncertain times.
Amazon’s growth, however, is one to watch and it appears the world is paying attention.
Sources: Digital Commerce 360, Forbes, The Motley Fool, Big Commerce
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